Trade Minister criticizes pvt. sector, calls for better cooperation on FTAs

Union Minister of Commerce and Industry, Piyush Goyal, has criticized the private sector for prioritizing self-interests over cooperation with the government.

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At a post-budget conference organized by the Confederation of Indian Industry (CII) in Delhi, Goyal accused industry leaders of not supporting the government on key initiatives such as free trade agreements (FTAs), reducing imports, and policy formulation like the production-linked incentive (PLI) scheme.

This criticism follows the Economic Survey tabled in Parliament last Monday, where government officials also targeted the private sector for various shortcomings. The Survey highlighted that despite the 2019 corporate tax rate cuts, private sector investments had not increased as expected. Officials criticized business leaders for primarily seeking tax concessions and subsidies without reciprocating with substantial investments.